Murphy wants to raise $1.3B in new taxes, not $75B

New Jersey Republicans nominated Lt. Gov. Kim Guadagno in the race for Governor on Tuesday, while Democrats nominated former Goldman Sachs executive and one-time diplomat Phil Murphy. The general election is set for November. (June 7)
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Phil Murphy is a Democratic candidate for governor of New Jersey.(Photo: File photo)

"This is a matter of credibility," Roseman said as the Murphy campaign provided dollar estimates on his revenue-raising proposals for the first time. "This is a state that needs credible leadership after eight years of mismanagement."

Guadagno campaign spokesman Ricky Diaz said Murphy's camp is leaving out his support for single-payer health care, which accounts for the bulk of the $75 billion figure. Murphy has said the idea should be considered and he supports it, but he stopped short of promising to enact such a plan.

Diaz said, "Phil Murphy can't be trusted to make New Jersey more affordable for middle-class families."

Murphy and Guadagno are competitors in the Nov. 7 election to succeed Republican Gov. Chris Christie, who is prevented by term limit laws from running again. Guadagno has served as Christie's top deputy for eight years.

Polls show Murphy leading by double digits. He also has a fundraising edge on Guadagno.

Murphy's proposals include raising taxes on millionaires to get an additional $600 million in state revenue and raising $300 million in tax revenue from the planned legalization of marijuana.

Roseman said the candidate's plan to end a tax loophole that allows companies to shift their profits to lower-tax states would bring in about $290 million.

Murphy also has called for overhauling out-of-network health care costs carried by public retirees, a move the campaign said would save about $100 million. The state currently picks up some of the out-of-network costs.

The total figure does not, however, include raising taxes to help finance what Murphy says is a needed transportation overhaul. Murphy has said he would be open to considering a tax hike for that improvement.

New Jersey and Virginia are the only two states with statewide elections this year.
New Jersey also has about 800,000 more registered Democrats than Republicans, though unaffiliated voters are the largest bloc.

The Observer first reported on the Murphy campaign's estimate of $1.3 billion in new taxes.